Insurance For Home Based Businesses

Charlene M. Ives, CPA, PC

Charlene M. Ives, CPA, PC

If you have a home based business, chances are that you have a business liability policy but are you covered in the remote event that a client or customer injures him/herself on your premises? Typically, business liability policies cover negligence and product liability, but they do not always cover personal injury, and an additional policy is necessary to obtain this type of coverage -- not particularly expensive, and probably worth if you have a lot of customer traffic.

If you are relying on your homeowners policy to cover your equipment (computers, fax machines, phone systems), think again. Business equipment is not always specifically included in these policies, (though insurers will sometimes cover the equipment anyway -- but you shouldn't count on this). However, your policy may have a ceiling on the value of coverage on business equipment -- you may be underinsured. Also, a typical homeowners policy will not cover computers and other equipment when taken off your premises.

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